Transmission of External and Internal Shocks In Argentina During the Convertibility Period: Some Empirical Findings From VARs

Chris Geirgat
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Chris Geirgat: Williams College

No 2004-11, Department of Economics Working Papers from Department of Economics, Williams College

Abstract: We use VARs to study the transmission of shocks in Argentina during the currency board regime. We focus on shocks to international commodity prices, U.S. monetary policy, the real effective exchange rate, and the sovereign risk premium on emerging market debt. Of those factors, only the sovereign risk premium affects output significantly, which we believe is really a proxy for beliefs about fiscal solvency. Both the monetary base and money market interest rates react to U.S. monetary policy, but such shocks do not affect Argentine output significantly. Finally, it does not appear that the appreciation of the U.S. dollar affected the economy adversely.

Keywords: International Transmission; Argentina; Currency Board; Monetary Policy. (search for similar items in EconPapers)
JEL-codes: C32 E52 F41 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2004-07
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